Hey any investors who use seller financing who wants stay in compliance with the safe act and Dodd Frank Have you hired a rmlo and how was the process? 

I think the question is whether you want to look like a threat to the police and other trigger happy wannabe vigilantes (yes, could be one of your tenants).

For the modifications, cities generally focus on safety and code compliance, but since you're considering structural changes like wall removal and garage conversions, obtaining permits is key.

That being said life isn't black and white if its keeping you up at night don't do it but I think you will be surprised at how easy and not scary it is once you pull the trigger.

With a land trust, the legal ownership remains with the trust, helping to avoid triggering the DOS clause when transferring beneficial interest rather than title.

Depreciation recapture is triggered when a property is sold, requiring the investor to pay taxes on the portion of gain attributed to previously claimed depreciation deductions.

Depending on the lender, you can/should tell them upfront so they can document the LLC in the file so you are sure not to have a due upon sale clause triggered when/if you do transfer into your LLC. #2.

If you are with a cloud brokerage like eXp or Real, you can just move and stay under their umbrella with a new state broker after you complete whatever Illinois needs for reciprocity.If they don't have a TC team, you will need to complete and upload all of the paperwork, but they should have compliance videos for you to do.

Likely, the single-sentence format triggered the filter, and I apologize that we didn’t catch it sooner.

Here is an update : https://chicagorealtor.com/advocacy/advocacy-resources/northwest-housing-preservation-ordinance-issue-summary/The DOH has posted the forms required to be in compliance with the ordinance which means any properties not under contract by 11/9 will need to be pulled off the market and 30-60 days notice must be provided before listing.